December 8, 2022

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Tesla boss: Cars are 'embarrassingly expensive'

Tesla boss: Cars are ’embarrassingly expensive’

Large parts of the auto industry are now going through hard times. The Corona pandemic has severely affected both production and sales. In the aftermath came log plug issues and parts shortages. And now the war in Ukraine is also affecting several regions.

One of those who noticed this is Tesla. They were admirably successful in keeping their production high and opening new factories both in China and Germany. But Tesla is well aware that prices for raw materials and parts have increased dramatically.

This means that they have had to raise the prices of their cars several times, also here in Norway. And, as usual, Tesla CEO Elon Musk was candid when commenting on this:

We hope you will be able to lower the prices

We have increased our prices several times. Frankly, they are at embarrassing levels. But we had a lot of problems with our subcontractors, and production and inflation was very runaway,” Musk said when the company presented second-quarter results.

– I think inflation will go down by the end of the year. “I hope – but this is not a promise – that at some point we can bring prices down a little bit,” Musk added.

Musk confirmed: Tesla was two days away from bankruptcy

Tesla has already ramped up production in the past two years. The factory in Fremont, California was also followed by factories in China and Germany. Photo: NTB

Most expensive in Norway

Incidentally, price increases do not appear to have significantly hampered demand. Tesla is struggling to keep wait times low, while at the same time working hard to increase production at its plants.

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Here in Norway, the Model 3 saw its last price increase in March. Then the entry-level model went from 369,900 NOK to 409,000 NOK. At the same time, prices for the Y Long Range rose from 534,900 NOK to 549,900 NOK. This was later increased by an additional NOK 10,000 and now costs NOK 559,990.

This car started the Tesla adventure

The Model Y is Tesla's new bestseller in Norway, and they've delivered over 6,000 copies so far this year.

The Model Y is Tesla’s new bestseller in Norway, and they’ve delivered over 6,000 copies so far this year.

Model Y is the biggest seller

After the first six months of the year, Tesla became the largest car brand in Norway by a good margin. 8,062 cars give an impressive market share of 11.8 percent. That’s nearly 1,500 more cars than what Volkswagen handed out in second place.

The Model Y is now the real big seller. A total of 6,130 cars have been registered so far this year. For the Model 3, the number is 1918. So these two numbers represent a total of 8,048 cars. That means Tesla has sold no more than 14 copies together of its previous bestsellers Model S and Model X right here at home.

Not so long ago the Tesla crisis – now they’re making billions

The article was first published in broom